LAHORE: After the implementation of the Phase-II of Free Trade Agreement (FTA) with China from December 1, Pakistan’s exports are likely to rise by $500 million in the first year, informed Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood.
The announcement was made after finalising an agreement between China’s Chaoyang Long March Tyre Company and Pakistan’s Service Tyre Industries Limited as they joined hands for tyre manufacturing.
Revealing details related to the joint venture between both the countries, the adviser said that 70% of the tyres manufactured by the joint venture would be exported and the remaining 30% would be supplied to the domestic market.
He further elaborated on the Phase-I of the project worth $250-million. The project will begin with an investment of $100 million in the SITE area of Sindh to change the economic dynamics of the region, for which land had already been acquired and work on the plant’s design had been initiated.
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